Prior to dropping today, Bitcoin had been trading sideways around the $10,400 for multiple days which had previously proven to be a strong support level for the cryptocurrency. Today\u2019s drop, however, marks a decisive break below this level, and could mean further losses are imminent.<\/p>\n\n\n\n
Regardless of the perceived bearishness of this latest drop, one prominent analyst still expects BTC to climb higher in the near-term in an attempt to reclaim its range high of $10,700.<\/p>\n\n\n\n
At the time of writing, Bitcoin<\/a> is trading down nearly 2% at its current price<\/a> of $10,285, which marks a slight drop from its 24-hour highs of nearly $10,500. It is important to note that BTC is still up slightly from its daily lows of nearly $10,100 that were set during a sharp overnight movement.<\/p>\n\n\n\n BTC\u2019s reaction to this drop, however, signaled that it does currently have a significant amount of buying support in the lower-$10,000 region, which may prove to be an imperative level of support in the coming hours and days.<\/p>\n\n\n\n UB, a popular crypto analyst on Twitter, explained in a recent tweet that he still expects Bitcoin to revisit its range highs around $10,700 in the near-future, despite today\u2019s minor drop.<\/p>\n\n\n\n \u201c$BTC – This is looking like a Spring after a brief break of Support. 3 days of lows taken with a strong reaction. I’m expecting Bitcoin to grind up towards the Range High. I’ll most likely wait to take a long position until the Daily Open & EQ is reclaimed as Support,\u201d he explained.<\/p>\n\n\n\n